NARI Forecasts Favorable Business Conditions for Remodeling
January 21, 2014
The National Association of the Remodeling Industry reported continued fourth-quarter growth for the remodeling industry in its most recent Remodeling Business Pulse data. According to NARI, remodelers rated businesses conditions at a 6.51, on a rating scale from 1 to 9 where 1 is much worse than a year ago and 9 is much better; 5 is about the same as last year.
“Many remodelers entered 2014 with jobs in the pipeline, which hasn’t happened in the past few years,” says Tom O’Grady, chairman of NARI’s Strategic Planning & Research Committee. “Although inquiries, requests for bids and conversion of bids are down in Q4, that backlog has given remodelers confidence that the overall business conditions will remain positive.”
Conversion of bids to jobs continues to be the weakest measure when compared to the same time last year. Yet, the projected strength of sales in three months had a significant increase to 6.41 from the 6.12 recorded in September, according to NARI.
“The outlook forecasts that favorable business conditions will remain strong across all regions of the United States,” O’Grady says. “Consumer confidence is up, which translates into more homeowners feeling safe investing in their homes.”